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  • The Fed kept policy rates unchanged at the September meeting. They signaled one more hike in 2023, while cuts are less likely in 2024.
  • Jobless claims fell last week to the lowest level since January, indicating a healthy labor market.
  • The average credit card interest rate hit an all-time high. Total credit card debt topped $1 trillion for the first time ever.

Housing News

  • High mortgage rates pushed homebuilder confidence to the lowest level since April, as more buyers are waiting to purchase.
  • Housing starts fell to the lowest level since 2020. However, a jump in permits suggests optimism.
  • Existing home sales fell to a 7-month low. Low inventory has helped push values higher and drive up the median selling price to $407,100. 

Market Minute Report - Mortgage News